There is Coke v Pepsi, Nike’s endless race with adidas and Boeing’s eternal dogfight with Airbus. Now there is a new, albeit cut-price, rivalry in the corporate firmament: Poundland and 99p Stores.

Poundland is fighting back against its upstart rival by cutting prices to 95p and 97p when a new store opens on its patch. The retailer, which previously sold everything for £1, says that customers have reacted positively.

Jim McCarthy, the Poundland chief executive, insisted that the brand would not have to be renamed in the wake of its strategic about-turn. “It’s part of our competitive response — it’s not